Blockchain technology is being more widely used, with Bitcoin being the most well-known example. Indeed, until recently, interest in blockchain technology was fueled by the rapidly expanding value of cryptocurrencies and significant investments in financial sector blockchain startups.

As the technology has advanced, more attention has been dedicated to how distributed ledger technology can be applied to various applications in a range of industries. The uses of blockchain in forestry have not been adequately investigated yet.

About the Research

Based on content analysis, a systematic study was undertaken to locate, assess, and discuss current literature on proposed or deployed blockchain applications in the forestry sector. Experts of this study looked at published studies on blockchain-based forestry applications. The findings were grouped into forest management, forest fire detection, and forest-based product traceability. The merits, constraints, and future possibilities of blockchain applications in the forestry industry were discussed.

The researchers gave insights into a thorough grasp of blockchain applications for managers, consultants, and practitioners interested in forestry. The current state of blockchain-based forestry applications, the utility of blockchain technology in the forestry industry, and the benefits, problems, and prospects of blockchain-based forestry applications were all demonstrated. Based on content evaluations of current literature, a research agenda on relevant themes was also offered for scholars to examine further.

Also, read – The Binance Blockchain Bridge has been upgraded to connect DeFi and CeFi.

Observations

Nine papers (42%) identified blockchain as a potential solution for decreasing or exposing illegal logging/timber trading. Forest management and traceability were the focus of the bulk of blockchain applications. Four reputable databases yielded a total of 570 items. According to several kinds of research, blockchain technology could improve customer trust in wood goods, minimize illicit logging, promote sustainable forestry, and protect tree species biodiversity.

According to several studies, minimal research has been done on the dangers and challenges of blockchain implementation in the forestry business. The blockchain was relatively technical and challenging to use in forestry because it required cryptography and smart contract expertise to accept.

Conclusions

Finally, this research clarified the current situation of blockchain technology in the forestry industry. The study’s findings showed that blockchain offers a lot of potential in sustainable forestry, biodiversity preservation, reducing illicit logging, and various other forestry-related industries. For experts to achieve the objectives, a systematic review technique was adopted.

It also showed that blockchain in forestry is still in its early stages and is challenging to adopt because it requires the participation of professionals. The advantages, limitations, and opportunities that blockchain brings to the forestry industry were discussed.

According to the authors, managers using blockchain in the forestry sector should consider the risk of data leaks and cyber-attacks. According to the researchers, future research could focus on blockchain adoption in forestry enterprises, blockchain security threats, and blockchain-based internet of things (IoT) systems in forestry.